You could be forgiven for thinking that with the ongoing turmoil surrounding Westminster’s attempts to cope with the dreaded B-word that the property market is in chaos. Of course, the effects of Brexit are being felt across the country, but when it comes to property, there’s growing evidence to suggest that the market is confounding expectations.
NAEA PropertyMark’s recently released data revealed that the supply of available properties for purchase reached its highest December levels for four years; the increase, 20% on November 2018’s levels is a remarkable stat given the doom and gloom that has been dominating any news concerning the market’s health.
The same report suggests that stock per branch has also reported an increase, from 43 in December of 2017 to 46 last year. The volume of completed transactions since 2016’s landmark vote has remained relatively steady throughout the United Kingdom too, and whilst house price growth has decreased during the last few years, house prices themselves have not.
The Prime Central London market has offered enough positivity for buyers either looking to trade up or those keen to get started on the property ladder. LonRes data has shown a 6% increase in the number of properties going under offer from the second half of 2017 in comparison with last year, due to an increase in sellers adjusting their prices to find the right buyer and those looking to purchase keen to find a good deal.
“This month’s findings prove that despite the current political climate, people still want to move,” offered PropertyMark’s chief executive, Mark Hayward. “There is movement in the market with demand from house hunters up 13 per cent year-on-year, and the supply of available properties also rising. Although the number of sales agreed hit a 12-month low, this is something we always see in December, with Christmas festivities typically taking priority over any plans to buy or sell.
“While many are adopting a ‘wait and see’ strategy until there’s further clarity over what Brexit might mean for the market, there is choice for those who want to buy now, and there are people on the market looking for new homes.”
It’s easy to see how the current disorganisation across the Government could have a negative effect on the property market, but given that the discord provoked by Brexit showing no signs of slowing, it appears as if the market is more willing to get a move on than many analysts and experts first thought.
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